WEST PALM BEACH, Fla., May 22 /PRNewswire/ -- Fidelity Bankshares, Inc.
(Nasdaq: FFFL), announced today that Fidelity Federal Bank and Trust, the
company's wholly owned banking subsidiary, has launched a new FHA mortgage
lending program that helps lower income families qualify for mortgages.
Under the new program, borrowers who meet Fidelity Federal's credit
qualifications may be eligible for mortgages with down payments as low as 3%.
They may also be able to wrap some of their closing costs and fees into the
mortgage. The program, backed by the Federal Housing Authority, enables
millions of Americans who would otherwise have been locked out of home
ownership, to qualify for mortgages.
Vince A. Elhilow, president and CEO of both Fidelity Bankshares and the
bank, said, "We are pleased to be able to offer this program which
significantly strengthens our current programs for providing mortgages to
lower income families and younger families seeking to purchase their first
home." The program enhances Fidelity Federal's Affordable Housing Program,
which includes low down payment, conventional financing and participation in
the programs offered by the Community Financing Consortium, Inc.
Additional information on Fidelity Federal's FHA lending program can be
obtained from the mortgage loan officer at any of the bank's branches or by
calling (561) 659-9900.
As of March 31, 2000, the company reported total assets of $1.79 billion
and stockholders' equity of $82.5 million. The company's wholly owned
subsidiary, Fidelity Federal Bank & Trust, operates 34 branches in Palm Beach,
Martin and St. Lucie counties in Florida.
For more information, contact President and CEO, Vince A. Elhilow, or
Chief Financial Officer, Richard D. Aldred, at (561) 659-9900; or Frank
Hawkins or Julie Marshall, Hawk Associates, Inc., at (305) 852-2383.
Email: info@hawkassociates.com.
Information about Fidelity Bankshares, Inc. can be found on the website
http://www.fidfed.com. Copies of Fidelity Bankshares press releases, SEC filings,
current price quotes, stock charts and other valuable information for
investors may be found on the website: http://www.hawkassociates.com .
SOURCE Fidelity Bankshares, Inc.
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Related links:
http://www.fidfed.com
Company News On-Call:
http://www.prnewswire.com/comp/281429.html or fax,
800-758-5804, ext. 281429
CONTACT:
Vince A. Elhilow, President and CEO, or
Richard D. Aldred, Chief Financial Officer, both of Fidelity
Bankshares, Inc., 561-659-9900; or Frank Hawkins or Julie
Marshall, both of Hawk Associates, Inc., 305-852-2383, or e-mail,
info@hawkassociates.com, for Fidelity Bankshares
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